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Emirates to hold talks with Boeing at Dubai Airshow over 777X delays

DUBAI (Reuters) – Emirates Airline plans to hold talks with Boeing (NYSE:BA) over its orders of 777X aircraft before and during the Dubai Air Show, due this month, company chairman Sheikh Ahmed bin Saeed Al Maktoum said on Monday.

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Emirates to hold talks with Boeing over 777X orders at Dubai Air Show - Chairman
© Reuters. FILE PHOTO: A Boeing 777X airplane taxis during an attempted first test flight from the company’s plant in Everett, Washington, U.S. January 24, 2020. REUTERS/Lindsey Wasson

DUBAI (Reuters) – Emirates Airline plans to hold talks with Boeing (NYSE:) over its orders of 777X aircraft before and during the Dubai Air Show, due this month, company chairman Sheikh Ahmed bin Saeed Al Maktoum said on Monday.

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APR stock exchanges for today are trading in different directions

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APR stock exchanges for today

APR stock exchanges for today are trading in different directions. Key stock indices of the Asia-Pacific Region (APR) on Thursday had no unified dynamics, according to trading data. China’s stock exchanges are still closed with the day off.

APR stock exchanges market – what’s going on?

Hong Kong’s Hang Seng Index was down 0.45% to 1,806.95 points, Australia’s S&P/ASX 200 was down 0.07% to 6,811.2 points, Japan’s Nikkei 225 gained 0.93% to 2,790.5 points and Korea’s KOSPI gained 1.24% to 2,242.28 points.

Chinese markets are still closed with the next holiday. On Friday Shanghai Composite index declined 0.55% to 3,024.39 points and Shenzhen Composite by 1.3% to 1,912 points.

On Thursday, Asia-Pacific indexes didn’t show the same dynamics as traders were evaluating statistics from the U.S. The number of jobs in private companies in the country grew by 208,000 in September, although analysts expected the index to increase only by 200,000. Thus, the positive economic data supported fears of a sharper rate hike by the U.S. Federal Reserve.

“The economy is too strong for the Fed to turn the other way. The strong start to October is over,” the Associated Press quoted Oanda analyst Edward Moya as saying.

Earlier, we mentioned that Wall Street closed lower after a two-day rally.

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Wall Street ends lower after two-day rally

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Wall Street stocks followed European and Asian bourses lower. Wall Street indices didn’t continue the rally and closed lower on Wednesday after the release of the statistics, which showed a strong demand for labor force in the US, due to which the Federal Reserve might keep the interest rates at a high level for a longer period.

Why does Wall Street end lower? 

Fed officials are pushing to aggressively tighten policy to fight inflation, which the market fears could lead to a sharp slowdown and a possible recession.

Private employers stepped up hiring in September, ADP data showed Wednesday. The statistics indicate that labor demand is still strong despite rising rates and tighter financial conditions.

The Fed is expected to raise borrowing costs by 75 basis points for the fourth time in a row at its Nov. 1-2 meeting, according to rate futures prices, data from the CME FedWatch tool showed.

Earlier, we reported that Wall Street’s top bulls listed reasons for the U.S. stock market rally.

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Wall Street’s top bulls list reasons to rally U.S. stock market

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Analysts at investment bank BMO Capital Markets expect a rally stock market in the U.S. in the fourth quarter. The expert sees several reasons for the stock market rally, reports Business Insider.

Companies are already cheap relative to projected profits

Markets are focused on the future, and investors will soon return to stocks and ignore the current difficult macroeconomic situation caused by rising inflation.

About two-thirds of stocks are trading at a discount

Another indication that stocks are undervalued and we are in for a rally in the US stock bear is the fact that about 66% of the S&P 500 Index securities now have a forward P/E ratio below their historical averages.

Cyclical stocks and growth stocks are worth less than protective stocks

In contrast, securities from cyclical sectors such as consumer staples, energy and financials are trading at a discount relative to their forward P/E average. The same is true for communications services and IT.

Earnings forecasts are down, but may be up at the end of the third quarter

Fears that companies will record a big drop in profits are greatly exaggerated. The next earnings season, which begins in mid-October, will restore investor calm and spark a rally in the US stock bar.

Earnings forecasts are better now than at the end of 2021

Usually between January and September, earnings forecasts for S&P 500 companies are down 3.8%. This year, however, analysts have raised their estimates by 0.5%, despite high inflation affecting business margins.

Profits continue to rise

In the third quarter, profits are expected to grow at an annualized rate of more than 3%. That said, it’s also expected that in each of the four quarters, companies will record exactly the growth, not the decline, in profits.

The fourth quarter is the best time for stocks

The S&P 500 tends to end the year with strong gains. According to the BMO, since 1945, the index has averaged a 4.4% gain in the fourth quarter (not including 2008 results).

Losses in the previous three quarters lead to a rally in U.S. stock bear in the fourth quarter

Strong declines in the first three quarters of the year historically form the basis for outstanding results in the fourth quarter. For example, with the S&P 500 down more than 20% in September, the index cut its losses, climbing an average of 9.6% per quarter.

Earlier, we reported that European bourses were up noticeably in trading on Tuesday.

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